Chase vs. Wells Fargo

Chase and Wells Fargo are two of the Big Four US banks and are among some of the most popular banks in the industry. They both offer a wide array of banking products but there are a few differences that could make or break your decision on who to bank with.

What’s in this guide?

• Pros and cons of Chase
• Pros and cons of Wells Fargo
• Savings accounts
• Checking accounts

• Certificates of deposit
• Other products
• Branches and ATMs
• Special features

Pros and cons of Chase vs. Wells Fargo

Chase

Pros

• More ATMs. Chase has a network of over 15,000 ATMs, the largest of the Big Four banks.
• Branches in more states. Chase has branches across 38 states, compared to Wells Fargo’s presence across 36 states.
• Signup bonuses. Chase offers signup bonuses on its checking and savings accounts.
• Lower opening deposits on CDs. You’ll only need $1,000 to open a CD at Chase compared to $2,500 at Wells Fargo

Cons

• Slightly lower rates. While both banks have very low interest rates, Chase’s are slightly lower than Wells Fargo’s.
• Higher monthly fees. Monthly fees on Chase’s checking and savings accounts are higher than Wells Fargo’s.

Wells Fargo

Pros

• More branches. Wells Fargo has over 5,400 branches, edging out Chase’s network of roughly 5,000 branches.
• Higher rates. Wells Fargo’s Platinum savings account is slightly higher than Chase’s savings account.
• Lower monthly fees. Wells Fargo’s checking and savings accounts generally have lower monthly fees than Chase’s.

Cons

• Fewer ATMs. Wells Fargo only has 13,000 ATMs compared to Chase’s 16,000.
• In fewer states. Wells Fargo currently has branches in 36 states, which is shy of Chase’s presence in 38 states.
• Higher CD opening deposits. You’ll need to deposit at least $2,500 to open a Standard CD.
• Fewer opening bonuses. You won’t find as many signup bonuses as you would with Chase.

Chase vs. Wells Fargo savings accounts

Chase’s two savings accounts only pay 0.01% APY, or up to 0.11% with a balance of at least $250,000. Wells Fargo on the other hand, has three accounts that pay 0.01% to 0.05%, but up to 2.15% APY on the Platinum Savings account with a balance of $25,000 or more.

Winner: Wells Fargo

Chase vs. Wells Fargo checking accounts

Both banks offer three checking accounts but Wells Fargo comes out ahead due to its options for teens and customers who don’t qualify for standard accounts.

Winner: Wells Fargo

Chase vs. Wells Fargo business checking accounts

Both banks offer several business checking accounts but Wells Fargo is the clear winner due to its lower monthly fees and higher transaction limits. For example, a large businesses that has up to 500 transactions a month can expect to pay a $40 monthly fee with Wells Fargo versus a $95 monthly fee with Chase.

Winner: Wells Fargo

Chase vs. Wells Fargo CDs

Both banks offer multiple business checking accounts, but Chase’s rates are slightly higher than Wells Fargo’s.

Winner: Chase

Chase vs. Wells Fargo other products

Both banks offer similar banking products but Wells Fargo has a broader range of account options. Here’s what you can expect to find at each institution:

Chase vs. Wells Fargo branches and ATMs

Both banks have customer service that’s available seven days a week, but Wells Fargo’s is available 24/7.

	Chase	Wells Fargo
Branches	More than 4,700	Roughly 5,400
ATMs	More than 15,000	13,000
Customer service	Phone 24/7 Social media Live chat	Phone 24/7 Social media No live chat Email support

Chase vs. Wells Fargo special features

Despite these banks’ similar size and account offerings, each option has a few features that make them stand out:

Chase	Online and mobile banking Multiple opening bonuses
Wells Fargo	Financial education center

Winner: Chase

Bottom line

Chase and Wells Fargo are two of the biggest names in the banking industry, both with decades of history and millions of customers. While products are similar from both institutions, Wells Fargo’s rates are better on most products, while Chase has more opening account bonuses. Compare your options from both banks.

Frequently asked questions

• What states do not have Wells Fargo branches?

  Wells Fargo doesn’t have branches in Hawaii, Indiana, Kentucky, Louisiana, Massachusetts, Maine, Michigan, Missouri, New Hampshire, Ohio, Oklahoma, Rhode Island, Vermont or West Virginia.

• What states do not have Chase branches?

  Chase does not have branches in Alaska, Arkansas, Hawaii, Iowa, Maine, Mississippi, Montana, New Mexico, North Dakota, South Dakota, Vermont or Wyoming.

• Does Wells Fargo have a rewards program?

  Wells Fargo doesn’t have a rewards program for its deposit accounts, but does have the Go Far Rewards program for credit cards, allowing you to redeem points for travel, gift cards and more.

• What are Chase Premier Relationship rates?

  Chase Premier Relationship rates are higher interest rates on deposit accounts that you can get when you open additional accounts and meet deposit requirements.

• Does Wells Fargo offer opening bonuses?

  Wells Fargo occasionally offers opening bonuses, like the current $400 bonus when you open an Everyday Checking account online and meet the promotional requirements.